Stock-Based Compensation (Tables)

12 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Schedule of Nonvested Stock Units Activity

The Company granted the following annual awards under the 2015 SIP, as recorded in the consolidated statements of comprehensive income:

	Years Ended March 31,
	2022			2021			2020
	Shares Granted	Weighted-average grant date fair value per share		Shares Granted	Weighted-average grant date fair value per share		Shares Granted	Weighted-average grant date fair value per share
RSUs	52,256	$	363.89	47,015	$	220.31	47,577	$	171.50
PSUs	—	—		—	—		19,938	174.36
Total	52,256	$	363.89	47,015	$	220.31	67,515	$	172.34

Annual award activity recorded in the consolidated statements of comprehensive income were as follows:

	Number of Shares	Weighted- Average Grant-Date Fair Value
Nonvested, March 31, 2019	231,399	$	84.75
Granted	67,515	172.34
Vested	(121,572)	(76.81)
Forfeited	(14,993)	(113.49)
Nonvested, March 31, 2020	162,349	124.47
Granted	47,015	220.31
Vested*	(92,614)	(104.92)
Forfeited	(3,664)	(147.34)
Nonvested, March 31, 2021	113,086	179.58
Granted	52,256	363.89
Vested*	(60,034)	(162.37)
Forfeited	(7,441)	(239.39)
Nonvested, March 31, 2022	97,867	$	284.00

* The amounts vested include shares withheld for taxes that are not formally issued to the market.

LTIP award activity recorded in the consolidated statements of comprehensive income were as follows:

	Number of Shares	Weighted- Average Grant-Date Fair Value
Nonvested, March 31, 2019	77,098	$	120.24
Granted*	76,348	146.96
Nonvested, March 31, 2020	153,446	133.53
Granted*	39,780	376.45
Vested**	(77,098)	(106.37)
Nonvested, March 31, 2021	116,128	215.30
Granted*	69,644	358.75
Vested**	(69,816)	(131.33)
Forfeited	(12,924)	(239.81)
Nonvested, March 31, 2022	103,032	$	344.25

*The amounts granted are the maximum amounts under the terms of the applicable LTIP PSUs.

** The amounts vested include shares withheld for taxes that are not formally issued to the market.

Schedule of LTIP Option Activity

LTIP option activity recorded in the consolidated statements of comprehensive income were as follows:

	Number of Shares	Weighted- Average Grant-Date Fair Value		Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Vested, March 31, 2019	361,383	$	65.35	6.2	$	29,504
Exercised	(58,444)	(61.86)
Vested, March 31, 2020	302,939	66.02		5.0	20,594
Exercised	(107,197)	(63.20)
Vested, March 31, 2021	195,742	67.56		3.6	51,452
Exercised*	(45,810)	(67.11)
Vested, March 31, 2022	149,932	$	67.70	2.6	$	30,896

*The amounts exercised include shares withheld for taxes that are not formally issued to the market.

Schedule of Stock Compensation Expense

Components of stock-based compensation recorded in the consolidated statements of comprehensive income were as follows:

	Years Ended March 31,
	2022		2021		2020
RSUs	$	12,093	$	7,820	$	6,509
PSUs	—		1,900		2,851
LTIP PSUs	12,865		11,555		2,203
LTIP NQSOs	—		—		1,641
Grants to Directors	1,507		1,195		1,045
Employee Stock Purchase Plan	351		231		228
Total stock-based compensation, pre-tax	26,816		22,701		14,477
Income tax benefit	(6,496)		(5,441)		(3,308)
Total stock-based compensation, net of tax	$	20,320	$	17,260	$	11,169

Schedule of Unrecognized Compensation Expense

Total remaining unrecognized stock-based compensation as of March 31, 2022, related to non-vested awards that the Company considers probable to vest and the weighted-average period over which the cost is expected to be recognized in future periods, are as follows:

	Unrecognized Stock-based Compensation		Weighted-Average Remaining Vesting Period (Years)
RSUs	$	14,839	1.1
PSUs	130		0.4
LTIP PSUs	21,324		1.7
Total	$	36,293